How do I downgrade to Lion from ML?

macrumors 6502a

I've been underwhelmed with ML (not compelled at all by the new features, and hardly notice/use them) and irritated by several issues (Bluetooth implementation is terrible, battery life, etc.) and I'd like to go back to Lion.

I do have an install image of Lion on a thumb drive. Is it possible to install Lion over ML, and retain all of my applications? Or do I need to do an Erase & Install?

macrumors 6502a

I've been underwhelmed with ML (not compelled at all by the new features, and hardly notice/use them) and irritated by several issues (Bluetooth implementation is terrible, battery life, etc.) and I'd like to go back to Lion.

I do have an install image of Lion on a thumb drive. Is it possible to install Lion over ML, and retain all of my applications? Or do I need to do an Erase & Install?

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